Wayfair (NYSE:W) Earns Overweight Rating from Morgan Stanley

Morgan Stanley reiterated their overweight rating on shares of Wayfair (NYSE:W) in a report published on Monday morning, Benzinga reports. They currently have a $80.00 target price on the stock.

A number of other brokerages also recently weighed in on W. Raymond James raised shares of Wayfair from a market perform rating to a strong-buy rating and set a $65.00 target price for the company in a research note on Friday, February 16th. Citigroup dropped their target price on shares of Wayfair from $80.00 to $73.00 and set a buy rating for the company in a research note on Friday, February 23rd. Piper Sandler restated an overweight rating and issued a $88.00 price objective (down from $93.00) on shares of Wayfair in a report on Friday, February 23rd. Canaccord Genuity Group restated a buy rating and issued a $80.00 price objective on shares of Wayfair in a report on Friday, February 23rd. Finally, Truist Financial cut their price objective on shares of Wayfair from $65.00 to $63.00 and set a buy rating on the stock in a report on Friday, February 23rd. Eleven analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Wayfair currently has a consensus rating of Moderate Buy and an average target price of $74.59.

Wayfair Stock Up 4.3 %

NYSE:W opened at $67.57 on Monday. The firm has a market cap of $8.13 billion, a PE ratio of -10.36 and a beta of 3.27. Wayfair has a 12 month low of $29.51 and a 12 month high of $90.71. The company’s 50-day moving average price is $56.59 and its two-hundred day moving average price is $55.38.

Wayfair (NYSE:W) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($1.46) EPS for the quarter, beating analysts’ consensus estimates of ($1.54) by $0.08. The firm had revenue of $3.11 billion during the quarter, compared to analyst estimates of $3.10 billion. On average, research analysts expect that Wayfair will post -3.39 EPS for the current fiscal year.

Insider Transactions at Wayfair

In other news, COO Thomas Netzer sold 984 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $60.58, for a total transaction of $59,610.72. Following the completion of the sale, the chief operating officer now owns 117,841 shares of the company’s stock, valued at $7,138,807.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CTO Fiona Tan sold 8,876 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $55.22, for a total value of $490,132.72. Following the completion of the transaction, the chief technology officer now owns 112,575 shares of the company’s stock, valued at $6,216,391.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Thomas Netzer sold 984 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $60.58, for a total transaction of $59,610.72. Following the completion of the transaction, the chief operating officer now directly owns 117,841 shares of the company’s stock, valued at approximately $7,138,807.78. The disclosure for this sale can be found here. Insiders sold 81,300 shares of company stock valued at $4,591,396 over the last quarter. Corporate insiders own 26.81% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in W. HighTower Advisors LLC grew its position in shares of Wayfair by 16.9% in the 1st quarter. HighTower Advisors LLC now owns 2,360 shares of the company’s stock valued at $259,000 after acquiring an additional 342 shares during the period. MetLife Investment Management LLC acquired a new stake in shares of Wayfair during the 1st quarter worth about $378,000. Panagora Asset Management Inc. lifted its stake in shares of Wayfair by 42.7% during the 1st quarter. Panagora Asset Management Inc. now owns 2,204 shares of the company’s stock worth $244,000 after buying an additional 659 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in shares of Wayfair by 51.6% during the 1st quarter. Vontobel Holding Ltd. now owns 12,740 shares of the company’s stock worth $1,548,000 after buying an additional 4,338 shares during the last quarter. Finally, Aviva PLC lifted its stake in shares of Wayfair by 1.5% during the 1st quarter. Aviva PLC now owns 23,470 shares of the company’s stock worth $2,600,000 after buying an additional 346 shares during the last quarter. Institutional investors own 89.67% of the company’s stock.

About Wayfair

Wayfair Inc provides e-commerce business in the United States and internationally. The company offers approximately thirty million products for the home sector. It offers online selections of furniture, décor, housewares, and home improvement products through its sites consisting of Wayfair, Joss & Main, AllModern, Birch Lane, Perigold, and Wayfair Professional.